Voyageur Pharmaceuticals Ltd. (TSX-V: VM) has closed its non-brokered private placement, raising total aggregate gross proceeds of $5,005,278.32, as announced in a news release dated June 5, 2026. The offering, conducted under the Listed Issuer Financing Exemption (LIFE), involved the issuance of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit. Each unit consists of one common share and one warrant, while each FT unit comprises one flow-through common share and one warrant. The warrants are exercisable at $0.20 per share for 36 months, subject to an acceleration clause if the share price reaches $0.40 for 10 consecutive trading days after six months.
The company plans to use the net proceeds for FDA licensing for its barium contrast product suite, regulatory approvals for a bulk sample extraction at the Frances Creek project, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. This financing marks the final closing, with no further tranches anticipated.
Insiders participated in the offering, subscribing for 900,000 units, representing 1.92% of the securities issued. The participation is considered a related-party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of the company's market capitalization. The offering was unanimously approved by Voyageur's board, including independent directors.
The securities were issued under the LIFE exemption and are not subject to a hold period under Canadian securities laws, though they may be subject to TSX Venture Exchange requirements. The company paid finders' fees totaling $337,842.25 in cash and issued 3,135,419 broker warrants, exercisable at $0.10 or $0.12 per share for 12 months, depending on the tranche. The offering remains subject to final TSXV acceptance.
Voyageur is a Canadian developer of pharmaceutical-grade barium and iodine for medical imaging contrast media. The company owns a 100% interest in the Frances Creek barium sulfate project in Canada, which it believes can produce higher-quality, lower-cost imaging products compared to synthetic alternatives. Voyageur aims to become the first vertically integrated company in the radiology contrast media market, controlling raw materials through final production. The company's business plan includes partnering with established GMP pharmaceutical manufacturers to generate cash flow and eventually transitioning into a domestic manufacturer.
This financing is a critical step for Voyageur to advance its regulatory and development milestones, positioning the company to compete in the global contrast media market. The funds will support FDA licensing, which is essential for entering the U.S. market, and will enable further exploration and feasibility work at Frances Creek, potentially enhancing the company's resource base. The participation of insiders signals confidence in the company's strategy, although it also underscores the need for external capital to achieve its goals.
